Citi Announces New Rural Financial Education Initiative in China

Beijing Citibank (China) Co. Ltd. (“Citi today announced a new program that aims to help raise financial literacy levels in rural China. The program, made possible by the Citi Foundation, will form part of the 'Rural Financial Education Ten-year Plan,designed by the China Foundation for Development of Financial Education (“CFDFE, and the largest-ever financial education program targeting China’s rural population.

Over its ten-year tenure, the plan will develop China’s first rural financial literacy curriculum and training materials, as well as provide training sessions in 592 poverty-stricken counties across 21 provinces in central and western China. Within this framework, Citi will support the development of a curriculum and the training of “mastervolunteer trainers, who in turn will provide training to local farmers and entrepreneurs.

Andrew Au, Citi China CEO said, “Citi is committed to contributing to the creation of economic prosperity in rural areas in China, and we believe that raising levels of financial literacy is one important means towards achieving this goal. We are very pleased to work with the CFDFE on this important initiative, which will play a significant role in the overall effort to raise living standards in rural China.br />
Madam Wu Xiaoling, Vice Chairwoman of the Financial and Economics Affairs Committee of the National People’s Congress and Chairwoman of CFDFE, said, “Rural, agricultural and countryside-related issues are of great importance in achieving social harmony and economic sustainability. Joint efforts from all levels of society are needed to develop rural areas, and we appreciate Citi’s support in helping China move towards this goal.br />
The Citi-supported program has already commenced its roll out, having been introduced in Yilong and Nanjiang counties in Sichuan province and in Anlong and Pu’an counties in Guizhou province. A total of 194 participants from the People’s Bank of China, Postal Savings Bank, and Credit Cooperatives took part in these training sessions. The master trainers in turn have held a total of 231 training sessions for 12,800 rural farmers, 400 migrant workers and 4,700 middle school students.

Citi understands the importance of increasing the efficiency and availability of financial services in China’s rural economy, and is committed to utilizing its global experience and expertise to contribute towards this effort. In December 2008, Citi officially launched its first lending company in Gong’an of Hubei Province. The new company was the first

established by an international bank in China using the lending company model, in recognition that access to credit is the most urgently needed service requirement in less developed areas of China. Since that time, Citi has opened another lending company in Gong’An in Hubei Province, and plans to open a third in Wafangdian City, near Dalian in Liaoning Province, later in 2009.